Insurance for Security Guards
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What Insurance Do Security Guards Need?
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Equipment Breakdown Insurance protects your equipment from breakdowns caused by motor burnout, power surges, boiler malfunction, and operating error. It covers you for the costs to replace or repair your damaged equipment, and other related expenses.
Business Owners Policy (BOP) protects you from business liability and property damage at a lower cost. BOP covers claims resulting from fire, theft & disasters. BOP also covers claims of bodily injury or property damage during your business operations.
Disability Insurance offers your small business financial support if you or any of your employees are unable to work as a result of a work-related illness or accident. Disability insurance offers financial support to replace a portion of lost income while they're recovering.
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Frequently Asked Questions
Do I need Assault and Battery coverage as a security guard?
Yes. Security guards are in situations where physical confrontation may be necessary. You may protect celebrities when entering a location, or protect a store or establishment where people are forcing themselves to enter these establishments without proper clearance. You, as a security guard will do whatever it takes to protect the person, or establishment and the Assault and Battery coverage will make sure that security guards are able to do their jobs without any risks.
What are typical functions of a security guard?
A security guard's main function is to keep safe the person and/or building that he/she is tasked to protect. Security guards provide corporate executive and celebrity protection, security for hotels, restaurants, securing banks and other financial institutions and many other locations. They also serve as gatekeepers, preventing unauthorized persons from entering a restricted area or setting boundaries like preventing people from entering a certain area like in concerts.
Do I need Workers Compensation for my security guard business?
Yes. Security guards put themselves on the line every day. That is why you need a security guard insurance that will provide them with medical care, rehabilitation benefits and lost wage replacement when they got sick or injured on the job. Workers' Compensation is a state-mandated insurance when you meet state minimum number of employees, than your business will need to carry Workers' Compensation.
What is a bonded security guard?
Being bonded means that they have purchased a Commercial Liability insurance and it lets the clients know if anything goes wrong. Being bonded helps the security guard to be legitimized. The security company will assure to the clients that the money is available for reimbursement claimants for their mistakes.